This morning the Office for National Statistics reported a sixth consecutive contraction of UK GDP (-0.4%). That makes the current recession the longest on record. France, Germany and Japan all moved into growth three months ago, but the UK's economic woes are looking ever more like a depression.
Yes, this was a "global downturn", it started in America, and of course, Britain was "best placed to weather the global economic crisis"...."we have reduced government debt"....remember all that crap?
Yeah, well remember it next time you're in a voting booth.
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Good to see some sense about what was clearly not the cause of recession (ill winds from the US) - however don't think the voting booth will change that as the 'viable alternative' are going to follow the same policies - and in fact invented them!
ReplyDeleteUnless you have read Das Kapital then looking for people to blame for the crisis is pointless.
How many times have you heard the phrase 'systemic failure' - and yet not once has anyone question the 'system'.
You're right though, much better to settle this in the ballot box where you have free choice to.....errrr....vote for more of the same?
I think the UK economy is suffering from some specific problems of its own making. One is an over-reliance on the financial sector, and the other is national debt, or living beyond our means. The latter is mostly down to bad management and wreckless social policy by the current government. There is a chance the Conservatives will do better on this... For example, I think Kenneth Clarke was a very under-rated Chancellor.
ReplyDeleteThanks for your comment.